Table of Contents
Wema Bank, partly owned by Nigerian gambling magnate Kessington Adebutu, has cleared a major hurdle in its recapitalization drive, raising $103 million through a rights issue. The exercise — the first phase of the lender’s capital-raising program — strengthens its balance sheet in line with the Central Bank of Nigeria’s directive and positions it for the next stage of growth.
Wema Bank clears capital requirement
The rights issue, aimed at lifting qualifying capital above the CBN’s N200 billion ($130.98 million) requirement, closed with subscriptions of N157 billion ($103.1 million) and is now undergoing regulatory verification. Once approval is secured, Wema’s qualifying capital will stand above N210 billion ($137.61 million), giving it a comfortable buffer over the threshold.
With the first phase wrapped up, the bank has already opened a N50 billion ($32.74 million) private placement, backed by strong investor interest. The offer will run for 10 days and is expected to add further strength to the bank’s capital base.
Managing Director/Chief Executive Officer Moruf Oseni said the recapitalization drive will give Wema the headroom to expand lending, invest more in digital technology, and improve customer service. “Having met the recapitalization target, our focus is now on using the stronger capital base to build sustainable growth,” Oseni said.
Wema Bank profit more than triples
Adebutu’s deep role in Wema is hard to miss. Through Neemtree Limited, his investment vehicle, he has remained a key anchor in the bank’s ownership, turning his lottery-built fortune into a strong position in formal banking. His bet has been paying off, Wema Bank’s shares are up 158.24 percent so far this year, adding millions of dollars to his portfolio.
The bank’s financial results have moved in the same direction. Net profit in the first half of 2025 came in at N87.52 billion ($57.32 million), more than triple the N26.6 billion ($17.4 million) recorded in the same period a year earlier. The surge reflects Wema’s push into digital banking and the resilience of the institution Adebutu has long supported.
Wema Bank eyes growth beyond Nigeria
Wema Bank, founded more than 80 years ago, has been reshaped for today’s generation through its ALAT digital platform. Adebutu controls 28.26 percent of the bank through Neemtree, while his daughter, Abolanle Matel-Okoh, owns 4.54 percent.
With its capital base stronger, profits climbing, and a digital-first approach, Wema is setting its sights beyond Nigeria. For Adebutu, the recapitalization both secures his stake and opens the door to a wider influence in finance—decades after he first built his fortune in gaming.
